Unlicensed site offering AI trading services may pose fraud risk, says regulator
The Isle of Man Financial Services Authority has issued a public warning about a website claiming to represent Niolic Limited, a company incorporated in the Island.
The site - which claims to offer financial services - said it could generate profits for investors through trading with AI-related bots.
However, the Authority says that when some investors attempted to withdraw funds, communication with those behind the website ceased.
Steps have since been taken to take the site offline.
The FSA confirmed the entity is not licensed or registered to offer financial services in or from the Isle of Man, as required by law.
It warns that anyone who accessed the site may be at risk of fraud.
Members of the public are urged to check the Authority’s register of licensed entities and to report any dealings with the site to police.
Guidance on avoiding advance fee fraud is available via the UK’s Action Fraud website.
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